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May 18, 2016 - Industry News

Reuters: Trump to Release Plan for Dismantling Dodd-Frank

Republican Presidential candidate Donald Trump told Reuters he would release a plan in about two weeks for overhauling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Tags: CFPB, compliance, Donald Trump, rate markup

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp

August 11, 2015 - Industry News

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, rate markup, Santander Consumer USA

August 6, 2015 - Industry News

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Source: Flickr

The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Fifth Third Bank, Honda Financial Services, rate markup, Settlement

July 23, 2015 - Industry News

Asbury ‘Comfortable With’ CFPB Limits on Dealer Markup

Asbury Automotive executives were confident that the dealer group’s internal caps on dealer markup and its fixed F&I product prices will keep it safe from any actions by regulators.

Tags: Asbury Automotive, CFPB, Consumer Financial Protection Bureau, Flat Fees, Quarterly Earnings, rate markup

July 23, 2015 - Industry News

AutoNation’s Jackson Urges Other Lenders to Follow Honda Financial’s Lead

The group’s chief executive reiterated his support for Honda Financial’s new dealer markup caps. He said the policy should serve as a template for the rest of the auto finance industry.

Tags: AutoNation, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, F&I products, Mike Jackson, Quarterly Earnings, rate markup

July 14, 2015 - Industry News

CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.

Tags: American Honda Finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, rate markup

April 2, 2015 - Industry News

NYC Seeks to Remove Dealers from Subprime Auto Finance

DCA Commissioner Julie Menin testified before the New York City Council Committee on Consumer Affairs last October that dealer markups should be capped or eliminated in New York.

The New York City Department of Consumer Affairs announced a new car loan initiative this month, which would direct subprime car buyers away from dealership financing to loans provided directly by banks and credit unions.

Tags: compliance, markups, rate markup, subprime

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